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Regular Contributor
Posts: 185
Registered: ‎06-04-2015
0

Re: Do you ask your parents to pay you money back when they ask to borrow money?

I'm lucky to have great parents. We took turns lending each other money and/or cosigning loans over the years as needed.. Always kept track of and paid back/paid on time.

 

 

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
March 2017: EQ 681/TU 659/EX 674

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Regular Contributor
Posts: 163
Registered: ‎07-16-2012
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Re: Do you ask your parents to pay you money back when they ask to borrow money?

The only person I would ever co-sign anything for or loan money to is my father. I would never do it for a friend or a girlfriend. 

 

He's never asked for it, never would ask unless it was serious, has supported me during some tough times and paid for everything I needed until I turned 18, but he's getting older. If he ever needs anything, and it is within my ability to do so, I will provide it no questions asked. If he pays me back (which I'm 100% sure he would), fine. If not, I'm okay with that too. 

 

I owe him that much and the responsibility of caring for him is something I'm happy to take on, seeing as he did the same for me when I was incapable of taking care of myself. 




Scores: 745 TU (Barclay), 743 EX (Fico8)

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Valued Contributor
Posts: 1,666
Registered: ‎06-30-2016
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Re: Do you ask your parents to pay you money back when they ask to borrow money?

I think it has to be situational. I would lend my brother money, and not ask to pay it back. He has good credit, just struggles financially because he doesn't have a good job and is working on his degree to become a math teacher. I would do the same for both of my aunts, as they both have good credit and I know they would never ask unless there was no other option. They've also both been there for me in my hard times.

 

My parents have terrible credit and steal from people, myself included. Giving them money would enable them, and whatever situation they got themselves into was definitely selfish and their own doing.


EX08 659 EQ08 660 TU08 695 Starting: mid 300'sGoal: 700
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New Visitor
Posts: 2
Registered: ‎03-16-2017

Re: Do you ask your parents to pay you money back when they ask to borrow money?

I feel so conflicted when my mom asks for money because she has TERRIBLE spending habits, but she's sacrificed so much for me.

 

If I can afford to lose it then I give it with no expectations. If I'll miss it then I tell her I don't have it.

SD 3/11/17 | myFICO stats EX - 695; TU - 710; EQ - 695
Current |
EX - 714, TU - 726, EQ - 705

Goal - 750+

Currently 7% DTI

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